Giovanni argues that mission-driven companies are about 20% more profitable and grow faster. A for-profit business aligned with purpose attracts better talent and scales impact far beyond what nonprofits can achieve.
Giovanni, I'm shooting a film about happiness and how everyone can improve the world following the United Nations 2017 Global Goals for Sustainable Development. I want to use my skills to help people around the world. The solution I found is to have an online for-profit business. Is this a good strategy?
Yeah, I think actually, I think it's a pretty cool question. The other thing I sort of haven't touched on, but I think if you can have a business particularly around sustainable development where your business mission is around supporting that, that you believe is a noble cause and is your passion, then obviously it's really congruent and connected. So I think you can do that as well, and then actually business performance is enhanced. So I've got tons of data there, and I will publish this with you guys, we'll put it on your website. But we've got a study where it says companies that actually have a heart and do a lot of whatever you call it, corporate philanthropy or a mission that's connected with supporting causes are 20% more profitable and grow revenues, revenue increasing by revenues by 20%.
So there's a lot of data to say that productivity improves, revenues improve, and they tend to be better companies.
And also, obviously, it's kind of a naive thing to say, but it's so obvious, you will recruit better people because I think the best people want to make a difference as well. And I think that's a very honorable thing to do as well.
Yeah, and Giovanni, I love the idea of mixing them. I think too many people think, well, to do good, I have to start a charity. I have to go into the nonprofit sector, and that's a noble pursuit and it works for a lot of people, but you can be profitable and do good at the same time. And if you can make your business extremely profitable and build up a team, then the amount of good you can do amplifies, right? Like the amount that Sage can do because they're a profitable business and they have a CEO with a heart is insane compared to what, you know, you know, one person can do. Not that that one person can't give back and still contribute in their own way, but I love the idea of starting a business to do good and to give back and not only having to think about going the nonprofit route.
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